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Eaton Set to Possibly Pullback After Yesterday's Rally of 1.95%

By Amy Schwartz

Eaton (NYSE:ETN) traded in a range yesterday that spanned from a low of $76.43 to a high of $77.69. Yesterday, the shares gained 2.0%, which took the trading range above the 3-day high of $77.37 on volume of 1.0 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, shares of Eaton have traded between a low of $46.19 and a high of $79.31 and are now at $77.55, which is 68% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of Eaton on November 9th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $64.75. Since that recommendation, shares of Eaton have risen 17.5%. We continue to monitor ETN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders Eaton

Ticker(s): ETN